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Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
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Name : |
PAL MIDDLE EAST PIR LLC |
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Registered Office : |
Al Quoz Industrial Area 1 PO Box 113826 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.10.2003 |
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Com. Reg. No.: |
64652, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of pre-insulated foam ducting |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : PAL MIDDLE EAST PIR LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th October 2003
Commercial Registration Number : 64652, Dubai
Trade Licence Number : 550312
Chamber Membership Number : 82086
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 100
Activities : Manufacture of pre-insulated foam ducting
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
PAL MIDDLE EAST PIR LLC
Location : Al Quoz
Industrial Area 1
PO Box : 113826
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3395580
/ 2582640
Facsimile : (971-4)
3395045 / 2582641
Email : alpme@emirates.net.ae
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Dubai.
Name Nationality Position
· Raphael Khlat Lebanese Managing Director
· Faisal Jassim Mohamed Al Dousari Emirati Director
· Sultan Mohamed Sultan Hareb Al Falahi Emirati Director
Date of
Establishment : 26th
October 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 64652, Dubai
Trade Licence No. : 550312 (Expires 25/10/2013)
Chamber Member No. : 82086
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Faisal Jassim Mohamed Al Dousari 49%
· Raphael Khlat 49%
· Sultan Mohamed Sultan Hareb Al Falahi 2%
Activities: Engaged in the manufacture of pre-insulated foam ducting.
Import Countries: Netherlands and the United States of America
Subject has a workforce of approximately 100 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
Commercial Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4)
3523355
Fax: (971-4)
3527655 / 2524796
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was uncovered
regarding subject’s operating history or the manner in which payments are
fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
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|
1 |
Rs.106.03 |
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Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.